Discretionary Trading Systems, training chart posts - Posts, questions and discussions
20/10/2011 14:09:31
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Discretionary Trading FOREX with Indicators Discretionary Trading 4 FOREX instruments at once on charts will hone your skills, allow diversification and provide you with enough signals per session to negate the need to impulse trade or to look to add in other patterns.
FOREX LONDON MORNING SESSION HIGH TO LOW This is the latest simplification and evolution of the MT3 High Low Forex trading techniques I have used successfully for many years, and posted about previously albeit in a verbose way!
INDICATORS CalcOnBarClose
MT3
ATR Range HTF
MT Levels Fib Grid
CurrentDayOHL
TIP! Download daily data and tick data for 5 to 15 days if possible
The DataSeries Chosen is 100 range charts - or alternatively Renko 100 (10th pip settings)
GBPUSD, EURUSD, USDCHF, AUDUSD
Trading at high energy times, using a High to Low Reversal pattern
When trading fill in the journal ASAP after trade entry, do this to take a break and to stop trade interference.
Automatic Trade Management
Use the Chart trader + ATM or the MicroTrends Easy Trader to automatically handle the trade so you don't use emotion.
Forex Trade Plan & Trading Journal The file below is a Trade Log and also contains the Trade System Rules.
TIP! Sheet 1 is the journal, Sheet 2 is the Trade Plan
Money management, risk stop loss, targets, lots, trails, definition of patterns to trade, indicators and data series.
As you trade and fill in the journal record Stats for:
predicted range % at reversal and Fib grid levels
Later you can combine this information to identify high probability set-ups
Advanced trading and usage of stats' Take targets and stop based on trade profit v.s. daily range as shown by Fib Grid and Range.
If you take a trade that is 100% of the daily range - stop trading! you hit the jackpot, don't give it back by trading more.
In the attached spreadsheet; Sheet 1 contains the Trading Journal, Sheet 2 contains the Trade System rules.
Daily Profit Targets
You will need to decide what to do if you hit 2 maximum home runs on 2, but have a small string of losses in the other instruments, you may decide to stop at that point unless the other 2 are in profit too, then let them run, you may chose to let the open trades run and trade no more after.
Practice and learn
Trade this live on the SIM in real-time for 2 to 3 weeks at least before risking live trading. If you are new 2 to 3months is best.
edited by forum on 21/10/2011
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